Reviewed and Audited Financials

Audit, Review Or Compilation

Which One Do You Need?

Let us help you straighten out your books, and make them look perfect. It’s hard with the hassle of everyday business activities but your books must be written correctly. If Your books are not all up-to-date and correct, you could be in store for an audit. Choose what service you want today. To obtain reasonable assurance, items are tested, observed, confirmed, compared and traced based on the auditor’s judgment of their materiality and risk. Once this is done, the auditor issues an opinion about whether the financial statements are free from material misstatement. An audited financial allows the auditor to be aware of some deficiencies in internal control or weaknesses in the company’s systems and also offers suggestions for improvement.

There are two major types of audit: External Audit and Internal Audit. An external audit involves the examination of the truth, reliability and fairness of the financial statements of an entity by an external auditor who is independent of the organization but in accordance with a reporting structure such as IFRS while an internal audit is a voluntary appraisal activity of the financial data and statements of a company undertaken by an auditor within the organization. Accounting and auditing of financials of an organization internally are often performed by its experienced accountants or audit experts.

Reviewed and Audited Financials

Reviewed and audited financials in general

When should you get your financials reviewed as opposed to audited? Generally, when applying for business loans you will need reviewed financials. If you want to sell your business for a nominal price you will want audited financials.

When should you review?

Review engagements are carried out to provide limited assurance that there are no material modifications that should be made to the financial statements for them to be in accordance with the financial reporting framework. Although a statement review shares similar goal as an audit, it differs remarkably from an audit. Financial statement review provides less assurance to the reader of the financial statements because the reviewer does not perform many audit procedures. In review engagements, the auditor examines the financial statements only. He does not inspect or examine the non-profit’s internal controls (which is usually included in the scope of an independent audit engagement). Rather, the review provides a limited level of assurance that the financial statements are error-free.

When should you audit financials?

A financial statement audit is an independent evaluation and inspection performed for the purpose of attesting to the fairness, accuracy and reliability of financial statements. It is the highest level of financial statement service available for business organizations. The purpose of an audit engagement is to provide financial statement users with information and opinion by the auditor on whether the financial statements are prepared in tandem with the proper financial reporting framework.

A statement audit boosts the level of trust and confidence that intended users, such as investors or lenders can place in the financial statements. The auditor obtains reasonable assurance about whether the financials as a whole are free from any material misstatement, and whether the misstatements are from all forms of error or fraud.

Will this help my business?

Our audit, review, and compilation services will help your business out tremendously.These services will help you straighten out your books, and assure you that your business is running like it ought to be. As you can see these services differ in many ways, so we can help you out in many different areas.

Why choose EC3?

EC3 offers you a very affordable solution to having a third party review or audit your financials.

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